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SNOOcalypse - document, discuss, and promote the downfall of Reddit. @lemmy.ml cygnus @lemmy.ca

In unsurprising news, Reddit prepares IPO

www.businessinsider.com Reddit's cofounder said that at first the company felt like 'a homework assignment that got out of hand' rather than a business

Reddit's cofounder Steve Huffman said in its early days he filled up most of the site with content using different accounts until it got more users.

Reddit's cofounder said that at first the company felt like 'a homework assignment that got out of hand' rather than a business

Now the social media platform is aiming for an IPO in the first quarter of 2024 with a valuation of $15 billion, and has been in talks with potential investors like Goldman Sachs and and Morgan Stanley, per Bloomberg.

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  • Tumblrfication in 24 months time. Trying to pump it for profit will see the bottom fall out; we've watched it happen dozens of times before

    • Hence why leftist, decentralized social media is much better. Remove the profit motive and enshittification vanishes.

      • I miss when my biggest problem with online communities were phpBB badmins and troll-happy IRCops, honestly

        • The emergence of FLOSS micro-social media as an answer to Capitalist social media's decline is wonderful to see, honestly. Makes me hopeful that leftist structures will continue to gain traction, even if it's slow.

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